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Essay / Research Paper Abstract
A 4 page paper discussing forms of business and choosing one for a new software development firm. The paper claims that the limited liability company (LLC) structure is best for a software development firm in that it protects principals from any claims for damages arising from use of the product. Bibliography lists 5 sources.
Page Count:
4 pages (~225 words per page)
File: CC6_KSbusFrmSftLLC.rtf
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Unformatted sample text from the term paper:
choose the business form in which they will operate. These forms include sole proprietorship, partnership, corporation and the limited liability company (LLC). There are advantages and disadvantages to
each, and the form chosen depends on the organizations purposes and goals. For the software development firm, the choice of business form is the LLC. Sole Proprietorship
Many individuals starting small businesses choose this form of ownership. The sole proprietor owns all of the assets - and liabilities - of the
business, and reports business income on his personal income tax return. In most cases, the sole proprietor also is the individual responsible for the daily operation of the business.
In all cases, the owner is fully responsible for all of the business operations and is fully exposed to claims for damages if there is a problem with the
product. Partnership It is the partnership that is liable for business expenses and liabilities. Regardless of how many new partners may have
come into the business or old partners left it during the period covered by the note, the partnership is responsible for meeting its obligations. Under the partnership structure, principals
are personally liable for debts incurred by the partnership. The structure in that sense is comparable to the sole proprietorship, in which the sole proprietor - the sole business
owner - is personally responsible for business debts. Those involved in partnerships - or contemplating forming one - should be like-minded in general
business philosophy, but ideally they will have different strengths that complement each other. Williams (1998) notes that if one potential partner abhors detail and numbers, then the other partner
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